Monday, December 12, 2005


Here is an updated hourly chart of February '06 gold futures.

I think the market made a significant top today and will probably drop to 498 or so over the next few weeks. It has bounced off of strong resistance at 2 1/8 times the bear market low of 252.50. I would regard a move lower than 498 as the first indication that the gold bull market is over.

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